The country with the largest population of rich people in the world is China. It comes as a surprise to the International Economy scene that China overtook The United States of America with regard to the highest number of wealthy people. The world’s wealthiest people comprise 100 million Chinese people compared to that of 99 million Americans. The evolution of China in the industrial spectrum is the reason for this phenomenal growth.
Phenomenal Growth Story Of China
With the ever-growing need for industrial production, China had been playing their cards straight and wise to push its growth to the epitome. In the run at the International Economy, they excelled at every prospect and ticked the right boxes to reach where they are now. The wealth creation of China is at around 2 trillion as with that of the 4 trillion of the United States of America as observed by the Swiss Bank. China has 10% of the total rich people in the world. The decline in the number of millionaires in the UK due to Brexit was another reason for China to emerge on top. The millionaires in China are near 4 million, 2 million in the UK and the US is near to 20 million. The world has nearly 50 million rich people who collectively own 160 trillion US Dollars globally. China overtook the US population that has the hundred thousand dollars worth personal savings. This is the criteria to be in the world’s wealthiest people list.
Read More About : Indian Immigrants Buying A Lot Of US Real Estate
The Global Richness
With the rise in global millionaires, the International Economy is predicted to have the best run over the next five years. The global wealth is predicted to be near 500 trillion and the number of millionaires to increase by 70 million over time. It has been seen that the growth of the economy has never been the same before and after the financial crisis that the world underwent. And this rough patch is where China and other countries started their journey up the graphs. Millennials are the population that has been targeted as a result of this downfall. Unemployment, lack of employment opportunities, high rents, significant interest rates on loans are all factors that hinder the population from accumulating wealth or buying properties.
Instore For The Future
Millenials have been predicted to witness the downside of the International Economy due to inability to improve their lifestyle due to lower financial opportunities. This is what the 20-year-old spreadsheet numbers are projecting as a thought of what to expect in the years to follow. Brexit has added to the already weak economic growth. This is seen in the stock market and exchange rates of foreign currencies. Keeping the current trend of growth from the US, UK and China, by the next five years, one could witness China emerging as the superpower.